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  3. US markets closed lower after Fed ends QE

US markets closed lower after Fed ends QE

30 Oct 2014 Evaluate

The US markets closed lower on Wednesday, with Dow Jones Industrial Average snapping a four-day winning streak, after the Federal Reserve made official its plans to end the last round of its recession-era stimulus program. Although the Fed stated that it would keep funds rate at zero, investors appeared to be caught off guard by the Fed’s upbeat view on the labor market and inflation. The Federal Reserve voted to end its bond-buying stimulus program commonly known as QE3 and sent several upbeat signals to markets that it was not worried about global weakness, low inflation or a wobble in financial markets. The statement also made a major change to the Fed’s view on labor markets. Instead of seeing significant underutilization in the labor market, which was in the September statement, the Fed now stated that underutilization in labor resources is gradually diminishing. On inflation, the US central bank dismissed concern with the drop in inflation expectations seen in financial markets. It added that surveys of longer-term inflation expectations have remained stable. It enlightened that low inflation has been held down by low energy prices and the likelihood of inflation running persistently below 2% has diminished somewhat since early this year. The Fed stated that the timing and pace of rate hikes would depend on incoming economic data, a new language that apparently earned the support of Philadelphia Fed President Charles Plosser and Dallas Fed President Richard Fisher, who dissented at the previous meeting.

Dow Jones Industrial Average lost 31.44 points or 0.18 percent to 16,974.31, Nasdaq was down by 15.06 points or 0.33 percent to 4,549.23, while S&P 500 ended lower by 2.75 points or 0.14 percent to 1,982.30. 

The Indian ADRs closed mostly in red on Wednesday; ICICI Bank was down 1.01%, Tata Motors was down 0.75%, HDFC Bank was down by 0.69% and Wipro was down 0.06%. On the other hand, Infosys was up by 1.27%.  

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